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Egypt's Suez Canal Bank net profit up 69 per cent in first half 2011 Strong surge of the bank is put down to lowered loan loss provisions, which ate up LE146.6 million of potential profits the year before
Suez Canal Bank released its results for the first half of 2011, reporting net income of LE 53.4 million ($9m), up 69 per cent on the same period last year. The strong surge of the bank was put down to a complete lack of necessary provisions for bad loans 1H/2011, versus LE146.6m of provisions in 1H/2010. Total assets dropped 5 per cent in the year to date, down to LE15.2bn. The net loan book was flat at LE5.5bn. Customer deposits came off 13 per cent year-on-year to LE10.9bn.